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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

            Monday, January 23, 2006, Vol. 7, No. 16

                           Headlines

G E R M A N Y

ALLWEILER GROUP: Parent's EUR27-Mil Loan Gets Moody's Ba3 Rating
COLOUR POINT: Bremen Court to Verify Claims on April 6
DACOTEC SYSTEMHAUS: Meeting of Creditors Slated for March 24
F+F FENSTER: Braunschweig Court Names Lueders as Administrator
GETRANKE THOMA: Creditors Have Until Jan. 30 to Register Claims

GILLE GMBH: Hagen Court Begins Bankruptcy Proceedings
H.T.H. HOLZTECHNIK: Erfurt Firm Under Bankruptcy Administration
IHR PLATZ: Completes Turnaround Program Ahead of Schedule
JARIDI TRADING: Claims Filing Period Ends March 31
KARSTADTQUELLE AG: Bank Lender Transfers EUR90 Million in Loans

KARSTADTQUELLE AG: Unit's Recovery Expected in Two Years
LOWEN-TEPPICHHAUS: Creditors to Meet on March 22
POCO-PLASTIK: Hagen Court Names Thomas Neumann as Administrator
STRIK GBR: Succumbs to Bankruptcy Proceedings in Bonn


H U N G A R Y

MALEV HUNGARIAN: Trims Operating Losses to HUF2 Billion
MALEV HUNGARIAN: Tigru Mures Route Takes Off
NABI RT: Lender Talks on Waiver Extension Continues


I R E L A N D

ELAN CORPORATION: Hosting Fourth Qtr Conference Call on Jan. 31


I T A L Y

TISCALI S.P.A.: New CEO Buys 366,000 Shares


K A Z A K H S T A N

EXPO TRADE: Creditors Have Until Feb. 14 to File Proofs of Claim
FORWARD: Submits to Insolvency Proceedings
NURHAL & K: Declares Insolvency
OPTIMAL SERVICE: Claims Bar Date Slated for Feb. 14


K Y R G Y Z S T A N

AKTOBE: Creditors Have Until March 13 to File Proofs of Claim
BEDER: Faces Insolvency Proceedings
EMBIRE: Last Day for Filing of Claims Set
FREZIR: Sets Claims Filing Deadline for March 13


L U X E M B O U R G

MILLICOM INTERNATIONAL: Board Seeks Review of Strategic Options


N E T H E R L A N D S

GETRONICS N.V.: S&P Places Recovery Ratings on Watch Negative
LAURUS N.V.: Amsterdam Court Rejects Mismanagement Complaints
ROYAL SHELL: Cancels 675,000 'A' Shares at EUR26.73 Each


R U S S I A

AGRO-KHIM-SNAB: Bankruptcy Supervision Procedure Begins
BEREZOVSKIYE: Sverdlovsk Court Brings In Insolvency Manager
GAZPROMBANK: S&P Affirms Low-B Short-Term Credit Rating
IRKUTSK-METAL-OPT-TORG: Succumbs to Bankruptcy
KIROVSKIY MEAT: Deadline for Proofs of Claim Set Wednesday

MACHINE TOOL: Court Taps E. Idelchik as Insolvency Manager
METAL-WORKING: Claims Filing Period Ends Thursday
MOKOVSKIY BRICKWORKS: Faces Bankruptcy Supervision in Kursk
MOSENERGO (AO): S&P Affirms Low-B Long-Term Rating
POKROVSKIYE FILTERS: Undergoes Bankruptcy Supervision Procedure

SEL-KHOZ-TEKH-PROM: Insolvency Manager Takes Over Firm
SOV-TEKS: Ivanovo Court Opens Bankruptcy Proceedings


S W E D E N

ELECTROLUX AB: Unveils Proposed Board Members for Spin Off
SKANDIA INSURANCE: Eyes EGM Following FSA OK on Takeover Deal


U K R A I N E

AGROLEASING: Kyiv Court Freezes Debt Payments
AVTO-BUDSERVICE: Reaches Cul-de-Sac
CHERNIGIV' AGRARIAN: Temporary Insolvency Manager Comes In
CHUGUYIVSKIJ AGROTECHSERVICE: Succumbs to Bankruptcy
GENEKS: N. Martinenko Named Temporary Insolvency Manager

MUKACHEVO' CERAMIC: Crumbles Under Insolvency
PIVDENINTEH: Court Launches Bankruptcy Supervision Procedure
PKF AQUA-MASTER: Declared Insolvent
PRIVATBANK COMMERCIAL Loan Notes Assigned Ba3 Ratings


U N I T E D   K I N G D O M

ARDAGH GLASS: S&P Affirms B+ Rating
ATHENA UK: Creditors Meeting Set Tomorrow
BRIGHT THINGS: Gloomy as Losses Could Reach GBP5 Million
CENTRAL SCAFFOLD: Hires CBA Administrator
CHARACTER GROUP: Notifies FCO of Unit's Potential Takeover CPR

CHEESEMANS LIMITED: Hire Administrators from Tenon Recovery
COMPUTACENTER PLC: Ends Takeover Negotiations
DRAX GROUP: Recovers GBP56.8 Million from TXU Companies
EARTHPORT PLC: Names Canaccord Adams Advisor, Broker
HART HOUSE: Hires Liquidator from Mercer & Hole

KINGSVALE HOMES: Property Developers Hire KPMG Administrator
LAMP LIGHT: Appoints Liquidator
LEDEN-IMCO LIMITED: Administrators Takes over Firm
LONGULF INDUSTRIES: Hires Kroll Limited Administrator
MARKS & SPENCER: Belies Rollout Plans for Simply Food Stores

MG ROVER: Ex-DTI Heads Face Probe Over Rover Sale, Collapse
RAMORA LIMITED: Administrators Enter Firm
RECRUITMENT SOLUTIONS: Calls in Administrator
S. H. FOSTER: Wood Manufacturer Hires Administrator
SMP FABRICATIONS: Names Begbies Traynor Administrator

SNACK FACTORY: Calls in Kroll Limited Administrator
UNITY WESSEX: Hires Grant Thornton Administrator
XSPACE (UK): Administrators Move In

     **********    

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G E R M A N Y
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ALLWEILER GROUP: Parent's EUR27-Mil Loan Gets Moody's Ba3 Rating
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to CLFX
Corporation's new EUR27 million Term Loan C.  Colfax, a global
manufacturer of flow control products, is the parent company of
Allweiler Group GmbH, the primary obligor of the loan.  

Additionally, Moody's has affirmed the Colfax's existing Ba3
corporate family rating as well as the Ba3 ratings on the
existing senior secured credit facilities.  The ratings reflect
the company's overall financial leverage, which increases as a
result of the Transaction and the projected cash costs
associated with on-going asbestos litigation and with future
pension funding requirements offset by Colfax's niche market
positions and good free cash flow generation.

New ratings assigned: EUR27 million Term Loan C, due 2011
    (issued at Allweiler subsidiary), rated Ba3.

Ratings affirmed:

  (a) Corporate Family Rating Ba3;
  
  (b) US$125 million Term Loan B (up-sized from
      US$113.8 million), due 2011, rated Ba3; and
  
  (c) US$50 million Revolving Credit Facility, due 2008, rated \    
      Ba3.
  
The ratings outlook remains stable.

At the end of 2005, Colfax borrowed EUR27 million at Allweiler
in order to take advantage of the American Jobs Creation Act.
Proceeds from the loan were used to finance the repatriation of
approximately EUR20 million from Allweiler to its U.S.-based
parent as well as to term out existing Euro-denominated revolver
borrowings.  Colfax used this dividend, together with an
increase in the existing Term Loan B commitment from US$113.8 to
US$125 million, to pre-fund a portion of its pension obligations
and to term out existing USD-denominated revolver borrowings.  
The Transaction created a natural currency hedge for Colfax's
Euro-denominated cash flows and provided a tax-efficient means
of financing near-term pension obligation funding requirements,
essentially exchanging one form of liability for another.

The ratings are supported by Colfax's:

  (a) Strong brand names and defensible;
  (b) Niche market positions in the global pump market;
  (c) Modest financial leverage; and
  (d) solid interest coverage.

On the other hand, the ratings are constrained by:

  (a) The company's exposure to cyclical end-markets;
  (b) Its acquisitive growth strategy;
  (c) Its associated integration risks; and
  (d) Sizable asbestos and pension liabilities.
  
The new Term Loan C is secured by a perfected lien on
substantially all of Allweiler's assets and by a perfected
security interest in all capital stock and inter-company notes.  
In addition, the Term Loan C shares, on a pari passu basis, in
the collateral that secures the domestic facilities.  The Term
Loan C enjoys senior secured upstream guarantees from Colfax's
European operating subsidiaries as well as downstream guarantees
from its parent companies.  In assigning the Ba3 rating to the
Term Loan C, Moody's considered the Term Loan C's structural
seniority relative to the Allweiler assets but viewed it as
neutral to the existing Corporate Family Rating in light of the
increased financial leverage resulting from the Transaction.

Pro forma for the Transaction as if it occurred on Dec. 31,
2005, Colfax had on-balance debt of approximately US$159
million, or 2.7 times pro forma 2005 estimated EBITDA.  
Adjusting for the under-funding of the U.S. pension obligations
(approximately US$46 million) and operating leases, adjusted
debt would be approximately US$226 million, or 3.9 times EBITDA.

2005 estimated EBITDA covered pro forma interest expense over 8
times.  Given high margins and fairly modest capital expenditure
requirements (approximately US$9 million a year going forward),
Colfax should generate relatively good cash flow over the next
twelve months.  Pension cash contributions and asbestos
settlements, however, remain a significant offset to Colfax's
cash flow generation.

The stable rating outlook reflects Moody's expectation of a
favorable sales and order trends in many of Colfax's sector and
geographic (particularly Asian) end markets as well as the
potential for further operational improvements.  These favorable
trends are offset by the company's substantial asbestos
liabilities and the risks associated with its debt-financed
acquisitive growth strategy.  

Factors that could cause Moody's to consider a negative rating
action include:

  (a) An unexpected deterioration in the company's major end-
      markets;
  
  (b) A higher-than-expected increase in its asbestos
      liabilities; and
  
  (c) settlement costs and/or material acquisitions that result
      in a substantially more aggressive financial profile.
  
Factors that could cause Moody's to consider a positive rating
action include:

  (a) A demonstrated commitment to financial de-leveraging
      reflected in a more conservative capital structure with
      total debt to book capitalization below 60%; and
  
  (b) A material decrease in asbestos liabilities.
  
Moody's notes that Colfax has substantial asbestos liabilities
although they are partially mitigated by insurance coverage and
reserves.  As of Sept. 30, 2005, there were 47,588 pending
claims, up 5% from year-end 2004.  Colfax maintains substantial
primary and secondary insurance coverage and has also recorded a
sizable accrued asbestos liability based on estimated claim
costs to be paid over the next 15 years.  Actual cash payment
for 2005 are estimated to have been approximately US$7 million,
compared to payments of approximately US$6 million in 2004.

In addition, Colfax has substantial under-funded U.S. pension
liabilities of approximately US$46 million at the end of 2005
after taking into account the US$19 million in 2006 pre-funding
financed with the proceeds of the Transactions.  Colfax
estimates required contributions between US$8 and US$12 million
in 2007.

Headquartered in Richmond, Virginia, CLFX Corporation is a
global manufacturer of flow control products, with estimated,
pro forma revenues in excess of US$335 million for the year
ended Dec. 31, 2005.

CONTACT:  MOODY'S INVESTORS SERVICE (NEW YORK)
          Andris G. Kalnins, Senior Vice President
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653

          James E. Reilly, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


COLOUR POINT: Bremen Court to Verify Claims on April 6
------------------------------------------------------
The District Court of Bremen opened bankruptcy proceedings
against Colour Point Digitalfarbdruck GmbH on Jan. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 14, 2006,
to register their claims with court-appointed provisional
administrator Jan H. Wilhelm.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bremen, Saal 115,
Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen, at
10:30 a.m., on February 9, 2006, at which time the administrator
will present his first report on the insolvency proceedings.  
The court will also verify the claims set out in the
administrator's report at 9:30 a.m., on April 6, 2006, at the
same venue.

CONTACT:  COLOUR POINT DIGITALFARBDRUCK GmbH
          Baumstr. 40/42, 28217 Bremen
          Contact:
          Ralf Vogel, Manager
          Baumstr. 34, 27753 Delmenhorst

          Jan H. Wilhelm, Administrator
          Am Markt 1, 28195 Bremen
          Phone: 0421/178765
          Fax: 0421/1787665


DACOTEC SYSTEMHAUS: Meeting of Creditors Slated for March 24
------------------------------------------------------------
The District Court of Bielefeld opened bankruptcy proceedings
against DacoTec Systemhaus GmbH on Jan. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 3, 2006, to register their
claims with court-appointed provisional administrator Thomas
Bandl.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bielefeld, Gerichtstrasse
6, 33602 Bielefeld, 4. Ebene, Saal 4065, at 9:00 a.m., on
March 24, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  DACOTEC SYSTEMHAUS GmbH
          Hauptstr. 70, 33397 Rietberg
          Contact:
          Annette Dankow, Manager
          Diekhoffsweg 8, 33334 Guetersloh

          Thomas Bandl, Administrator
          Thesings Allee 10, 33332 Guetersloh


F+F FENSTER: Braunschweig Court Names Lueders as Administrator
--------------------------------------------------------------
The District Court of Braunschweig opened bankruptcy proceedings
against F+F Fenster- und Fassadenbau GmbH on Jan. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 8, 2006,
to register their claims with court-appointed provisional
administrator Torsten Gutmann.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Braunschweig, E 01, An der
Martinikirche 8, 38100 Braunschweig, at 11:30 a.m., on March 8,
2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  F+F FENSTER- UND FASSADENBAU GmbH
          Braunschweiger Str. 171, 38259 Salzgitter
          Contact:
          Heinz-Willi Leuchter, Manager

          Torsten Gutmann, Administrator
          Lueders Partnergesellschaft
          Zum Blauen See 5, D-31275 Lehrte
          Phone: (05132) 826838
          Fax: (05132) 826896


GETRANKE THOMA: Creditors Have Until Jan. 30 to Register Claims
---------------------------------------------------------------
The District Court of Hagen opened bankruptcy proceedings
against Getranke Thoma GmbH on Jan. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 30, 2006, to register their
claims with court-appointed provisional administrator Dr. Jens
Uwe Drowatzky.    

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hagen, Haupthaus (Neubau),
Heinitzstrasse 42, 58097 Hagen, Etage 2, Raum 283, at 11:00
a.m., on Feb. 20, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  GETRANKE THOMA GmbH
          Fleyer Str. 148, 58097 Hagen
          Contact:
          Rita Thoma, Manager

          Dr. Jens Uwe Drowatzky, Administrator
          Feithstr. 177, 58097 Hagen
          Phone: 02331 10980
          Fax: +492331109830


GILLE GMBH: Hagen Court Begins Bankruptcy Proceedings
-----------------------------------------------------
The District Court of Hagen opened bankruptcy proceedings
against Gille GmbH on Jan. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until Jan. 30, 2006, to register their claims
with court-appointed provisional administrator Andreas Grund.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hagen, Haupthaus (Neubau),
Heinitzstrasse 42, 58097 Hagen, Etage 2, Raum 283, at 10:30
a.m., on Feb. 20, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  GILLE GmbH
          Koksstr. 9, 58135 Hagen
          Contact:
          Rainer Gille, Liquidator

          Andreas Grund, Administrator
          Grabenstr. 28, 58095 Hagen
          Phone: 02331-397656
          Fax: +4923313976570


H.T.H. HOLZTECHNIK: Erfurt Firm Under Bankruptcy Administration
---------------------------------------------------------------
The District Court of Erfurt opened bankruptcy proceedings
against H.T.H. Holztechnik Heldrungen GmbH on Jan. 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 1, 2006,
to register their claims with court-appointed provisional
administrator Carsten Bloss.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Erfurt, Saal 6, im
Justizzentrum, Rudolfstr. 46, 99092 Erfurt, at 2:45 p.m., on
March 15, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  H.T.H. HOLZTECHNIK HELDRUNGEN GmbH
          Contact:
          Norbert Enke, Manager
          Strasse der RTS, 06577 Heldrungen

          Carsten Bloss, Administrator
          Charlottenstr. 7, 99096 Erfurt


IHR PLATZ: Completes Turnaround Program Ahead of Schedule
---------------------------------------------------------
Less than eight months after filing for insolvency at the end of
May 2005, Ihr Platz GmbH + Co. KG has completed its turnaround
program and can now start a new phase of growth.

The targets of the insolvency plan are being met six weeks
earlier than planned after the company has started quota
payments to its creditors.

"Due to the strong commitment by Goldman Sachs, our company can
be released early from the insolvency procedure and the
creditors benefit from the early receipt of their quotas," said
executive management member Horst Piepenburg, one of the most
experienced insolvency and restructuring experts in Germany who
had been temporarily appointed to the management at the time of
the insolvency application.

The Osnabrueck court had granted insolvency under self-
administration, similar to the U.S. Chapter 11, in the summer of
2005.  On appointment of the court, the creditors' interests
were safeguarded by Hartmut Stange, a Bielefeld-based lawyer.  
The restructuring was implemented as part of an insolvency plan
which was approved on November 17, 2005 by almost 99% of the
voting creditors.

The early completion of the plan, together with the
restructuring as part of the insolvency procedure, was made
possible by investment bank Goldman Sachs, which in the meantime
has become sole shareholder of the company.

Ihr Platz suffered considerable losses from 2000 onwards, and
the new management implemented a restructuring plan in June 2005
as part of the insolvency procedure.  The restructuring resulted
in the closure of 80 non-profitable branches, simplification of
the logistics chain and streamlining of administration.  With a
store chain of 733 successful shops, including franchises, the
company meanwhile has achieved a business model, which enabled
it to regain a positive cash flow by the end of 2005.  Also,
8,100 of the originally 8,800 jobs were preserved.

"The combination of self-management and the insolvency plan made
possible a rapid restructuring with model characteristics; this
could not have been achieved outside an insolvency procedure,"
said Mr. Piepenburg who thanked, in particular, the Osnabrueck
court for its courageous decision to rule for self-management,
something still uncommon in Germany.  He also stressed the
constructive and increased cooperation by the creditors' trustee
solicitor Hartmut Stange.

"However, we also want to thank our creditors for their
excellent support both with the operational business and in the
continued supply of goods and services, as well as their
overwhelming support for the insolvency plan," he added. "Our
biggest thanks goes, however, to our committed employees.  This
team really made the nerve-wrecking restructuring process
worthwhile."

         Sales Revenues Stabilized - Growth Planned

During the insolvency phase, Ihr Platz exceeded the management's
initial sales plan, stabilized revenues and was able to beat
sales of some months of the previous year on a comparable basis.  
The management attributed this success in a highly competitive
retail market to the very loyal customer base and the already
introduced realignment of the product range, e.g. through bio
products.

The signals for 2006 are for further expansion. Three new shops
have been opened in recent weeks and additional new stores are
to be added during the coming months.  Also, about 200 branches
are going to be substantially modernized this year as part of a
first phase in an overall redesign to make shopping more
comfortable for customers and product presentation more
attractive.

"Our customers are among the most loyal in our segment and they
can continue to count on a strong Ihr Platz brand and a
committed team.  A year ago nobody would have betted that Ihr
Platz could survive.  (Now) the company is completely
restructured and independent with a strong and committed
shareholder, without having to take part in the existence
threatening competitive elimination activities of the large
players," Mr. Piepenburg said in a statement to Ihr Platz
employees.

The restructuring of the company, founded in 1895, was
implemented by the Dusseldorf insolvency expert and solicitor
Horst Piepenburg and the restructuring managers, Sankar Krishnan
and Dr. Michael Keppel of Alvarez & Marsal, Frankfurt/London,
and Thomas Fox from Modalis Management AG, Berlin, who were
seconded to the management board.

CONTACT:  IHR PLATZ GMBH + CO. KG
          CardService
          Postfach 3740
          49027 Osnabruck
          Phone: (0800) 50 35 131
          Web site: http://www.ihrplatz.de/


JARIDI TRADING: Claims Filing Period Ends March 31
--------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Jaridi Trading GmbH on Jan. 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 31, 2006,
to register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubruegger.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Charlottenburg,
Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at 9:20
a.m., on February 22, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 9:20 a.m., on May 24, 2006, at the same venue.

CONTACT:  JARIDI TRADING GmbH
          Westhafenstr. 1,13353 Berlin

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Str. 48, 10785 Berlin


KARSTADTQUELLE AG: Bank Lender Transfers EUR90 Million in Loans
---------------------------------------------------------------
KfW Bankengruppe sold a EUR90 million loan it provided to
troubled department store and mail order group KarstadtQuelle
AG, AFX News reports.

A source privy to the matter said the unnamed buyer paid KfW
99.3% of the credit's face value, signifying increasing
confidence in KarstadtQuelle's ability to complete its
restructuring.  The bank followed a similar move by some of
KartadtQuelle's creditors, which opted not to wait for their
loans to mature and sold around EUR600 million in debt last
year.

The loans were part of KarstadtQuelle's EUR1.75 billion three-
year credit facility arranged by 16 banks to finance its
restructuring.  The banks in November 2005 extended the credit
line provided that KarstadtQuelle restructures and shareholders
pour in EUR535 million in additional capital.

Based in Theodor-Althoff-Str. 2, D-45133 Essen, KarstadtQuelle
AG -- http://www.karstadtquelle.com/-- is Germany's largest  
department store and mail order group.  It has annual sales of
EUR13.5 billion and employs around 90,000.  The retailer has
been suffering from sluggish consumption and high unemployment
rate in Germany.  KarstadtQuelle posted an EBITDA of -EUR428
million in 2004.  The group is currently restructuring
operations by selling off non-core assets and implementing cost-
saving measures.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com/


KARSTADTQUELLE AG: Unit's Recovery Expected in Two Years
--------------------------------------------------------
Two more years are needed before KarstadtQuelle AG's mail order
division turns around, AFX News reports.

In an interview with Frankfurter Allgemeine Zeitung, Chief
Financial Officer Harald Pinger revealed that the group's mail-
order unit still has a long way to go before achieving recovery.  
"In the department store business we have managed to stop and
reverse the negative trend," Mr. Pinger told the paper.  "But we
are not so far yet with the restructuring of the mail order
operations."

Mr. Pinger forecasts a break-even in late 2007. The CFO
expressed optimism the retail giant could complete its real
estate assets divestment by the end of September.  The sell-offs
are part of KarstadtQuelle's restructuring and refinancing
plans, which aim to make it debt-free at yearend. Mr. Pinger
likewise disclosed the retailer hopes to strike a yearend deal
with national carrier Deutsche Lufthansa AG over the future
strategic direction of their 50-50 joint venture Thomas Cook AG.  
The group has expressed interest in increasing its stake in the
tour operator and mulls a taking full of the group.

Based in Theodor-Althoff-Str. 2, D-45133 Essen, KarstadtQuelle
AG -- http://www.karstadtquelle.com/-- is Germany's largest  
department store and mail order group.  It has annual sales of
EUR13.5 billion and employs around 90,000.  The retailer has
been suffering from sluggish consumption and high unemployment
rate in Germany.  KarstadtQuelle posted an EBITDA of -EUR428
million in 2004.  The group is currently restructuring
operations by selling off non-core assets and implementing cost-
saving measures.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com/


LOWEN-TEPPICHHAUS: Creditors to Meet on March 22
------------------------------------------------
The District Court of Braunschweig opened bankruptcy proceedings
against Lowen-Teppichhaus GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 22, 2006, to register their
claims with court-appointed provisional administrator Peter
Steuerwald.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Braunschweig, E 01, An der
Martinikirche 8, 38100 Braunschweig, at 10:45 a.m., on March 22,
2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  LOWEN-TEPPICHHAUS GmbH
          Berliner Strasse 52d, 38104 Braunschweig
          Contact:
          Jorg Wenzlaff, Manager
          Am Sande 19, 38527 Meine

          Peter Steuerwald, Administrator
          Bruchtorwall 6, D-38100 Braunschweig
          Phone: (0531) 2448030
          Fax: (0531) 2448080


POCO-PLASTIK: Hagen Court Names Thomas Neumann as Administrator
---------------------------------------------------------------
The District Court of Hagen opened bankruptcy proceedings
against POCO-Plastik GmbH on Jan. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until Feb. 16, 2006, to register their claims
with court-appointed provisional administrator Thomas Neumann.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hagen, Haupthaus (Neubau),
Heinitzstrasse 42, 58097 Hagen, Etage 2, Raum 283, at 9:05 a.m.,
on March 9, 2006, at which time the administrator will present
his first report on the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  POCO-PLASTIK GmbH
          Schleipe 4, 58566 Kierspe
          Contact:
          Dirk Potthoff, Manager
         
          Thomas Neumann, Administrator
          Altenaer Str. 2, 58507 Luedenscheid
          Phone: 02351/3265
          Fax: +492351/32670


STRIK GBR: Succumbs to Bankruptcy Proceedings in Bonn
-----------------------------------------------------
The District Court of Bonn opened bankruptcy proceedings against
Strik GbR Park-Hotel-Eckenhagen on Jan. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 20, 2006, to register their
claims with court-appointed provisional administrator Jana
Dettmer.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bonn, Insolvenzgericht,
Wilhelmstrasse 21, 53111 Bonn, Zimmer W 1.24 C, at 10:10 a.m.,
on April 4, 2006, at which time the administrator will present
his first report on the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  STRIK GbR PARK-HOTEL-ECKENHAGEN
          Hahnbucherstr. 12, 51580 Reichshof
          Contact:
          Birgit and Guiseppe Strik, Managers
          In der Schlenke 1, 51588 Nuembrecht

          Jana Dettmer, Administrator
          Weyerstrasse 54, 50676 Koln
          Phone: 0221 / 9212170
          Fax: 022192121720


=============
H U N G A R Y
=============


MALEV HUNGARIAN: Trims Operating Losses to HUF2 Billion
-------------------------------------------------------
Ailing carrier Malev Hungarian Airlines Rt. slashed its annual
operating deficit by around 60% to HUF2 billion in 2005 from
HUF4.9 billion in 2004, Budapest Business Journal says.

Malev forecasted a HUF1.8 operating loss for 2005 at the
operating level and HUF4.95 billion overall.  Chief Executive
Officer Janos Gonci expects a breakeven this year and turnaround
profit in 2007.  Mr. Gonci is optimistic the carrier's
membership in the Oneworld alliance would propel it to post
HUF6 billion in sales this year.  Malev signed a memorandum of
understanding with Oneworld in 2005, expects a full membership
this summer.  The alliance, Malev previously disclosed, will
increase its revenues by as much as HUF8 billion a year and net
profit by HUF4 billion.

Since the fall of Communism in the country, the government,
which owns 99.95% of Malev, has failed to dispose of the
airline, which has struggled amid competition from budget
airlines.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Konyves Kalman korut 12-14,
          H-1097 Budapest
          Phone: +36 1 235 3100
          Fax: +36 1 235-3255
          E-mail: malev@malev.hu
          Web site: http://www.malev.hu/


MALEV HUNGARIAN: Tigru Mures Route Takes Off
--------------------------------------------
Troubled national carrier Malev Hungarian Airlines Rt. is now
flying its fifth scheduled destination to Romania, Budapest
Business Journal says.

Starting today, Jan. 23, Malev will fly between Budapest and
Tigru Mures.  Malev will offer three flights a week for the
route during winter and four flights a week during summer.  
Today's flight is also the first international touchdown at the
Tigru Mures Airport.

Malev recently restructured its operations and laid off 400
workers.  Subsidiaries Malev GH Ground Services and Aeroplex now
operate the carrier's ground and maintenance services
respectively.  Malev now employs 2,800 people.

Since the fall of Communism in the country, the government,
which owns 99.95% of Malev, has failed to dispose of the
airline, which has struggled amid competition from budget
airlines.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Konyves Kalman korut 12-14,
          H-1097 Budapest
          Phone: +36 1 235 3100
          Fax: +36 1 235-3255
          E-mail: malev@malev.hu
          Web site: http://www.malev.hu/


NABI RT: Lender Talks on Waiver Extension Continues
---------------------------------------------------
Debt-ridden bus maker Nabi Rt. is asking creditors to further
extend its loan waiver, Budapest Business Journal reports.

This is the second time the bus maker asked its creditors to
extend the expiry date of its Master Support Agreement following
its recent expiration in Jan. 17, 2006.  Nabi, in a statement at
the Budapest Stock Exchange, said it is in "continuous talks
with its lenders."

Nabi Rt. in May 2005 agreed in principle with financiers to
restructure approximately US$103 million short-term debt and
other banking facilities.

Under the agreement, the financiers agreed to:

   -- a $43 million debt reduction;
   -- the sale of 1/3 of the company; and
   -- the sale of 90% of NABI Inc., the company's main operating
      U.S. subsidiary, to HSBC Holdings Plc and OTP Bank Rt.

The reduced debt will be classified as long-term and will have
maturities of five to eight years.  All warrants formerly issued
by NABI Rt. to the financiers will also be cancelled.

On completion of the restructuring, NABI Inc. will be the sole
borrower of US$60 million reduced debt.  NABI Rt. will be free
of debt, but will guarantee repayment of up to US$6.5 million of
NABI Inc.'s debt, secured by a first lien on all of NABI Rt.'s
real estate assets.

Nabi will ensure the continued supply of steel shells, chassis,
parts and service from Hungary to the U.S. business.  It will
sell assets and businesses, with the proceeds to be used to
reduce debt.

CONTACT:  NABI RT.
          45 Ujszasz u.
          Budapest 1165
          Phone:  +36-1-401-7399
          Fax: +36-1-407-2931
          E-mail: nabihq@nabi.hu
          Web site: http://www.nabi.hu/

          Andras Bodor
          Corporate Affairs Director
          Phone: +36-1-401-7100
          E-mail: andras.bodor@nabi.hu


=============
I R E L A N D
=============


ELAN CORPORATION: Hosting Fourth Qtr Conference Call on Jan. 31
---------------------------------------------------------------
Elan Corporation, will host a conference call on Tuesday,
Jan. 31, 2006, at 8:30 a.m. Eastern Standard Time (EST), 1:30
p.m. Greenwich Mean Time (GMT) with the investment community to
discuss Elan's fourth quarter and full year 2005 financial
results, which will be released before the U.S. and European
financial markets open.

Live audio of the conference call will be simultaneously
broadcast over the Internet and will be available to investors,
members of the news media and the general public.

This event can be accessed by visiting Elan's website at
http://www.elan.com/and clicking on the Investor Relations  
section, then on the event icon.  Following the live webcast, an
archived version of the call will be available at the same URL.

                      About the Company

Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a  
neuroscience-based biotechnology company.   Elan shares trade on
the New York, London and Dublin Stock Exchanges.

CONTACT:  ELAN CORPORATION PLC
          Lincoln House
          Lincoln Place
          Dublin2
          Ireland
          Phone: +353 1 709 4000
          Fax: +353 1 709 4108
          Web site: http://www.elan.com/


=========
I T A L Y
=========


TISCALI S.P.A.: New CEO Buys 366,000 Shares
-------------------------------------------
Tiscali S.p.A.'s newly-appointed Chief Executive Tommaso Pompei
has acquired the company's 366,000 shares for EUR997,350 in the
open market, AFX News reports.

Earlier this month, the company said Mr. Pompei is expected to
lead the Tiscali Group towards a new development phase pursuing
the opportunities offered by a dynamic and rapidly evolving
market. He took over after Ruud Huisman, who was instrumental in
implementing the company's refocusing and refinancing plans,
quit his managing role in October last year.

Headquartered in Cagliari, Italy, Tiscali has more than 7
million subscribers, of which over 1.5 million are broadband
users.  It has sold non-core assets to raise money to cover a
EUR250 million bond that matured in July.

As of March 31, Tiscali's financial assets totaled EUR180.2
million while debt amounted to EUR381.7 million.  Pre-tax loss
in the first-quarter amounted to EUR17.9 million.  Fitch gives
the company a short-term rating of 'B' and rates its senior
unsecured debt 'CCC+'.  Tiscali Finance S.A.'s EUR250 million
guaranteed floating-rate notes, which fell due in July, and its
EUR209.5 million guaranteed equity-linked bonds due in September
2006 are rated 'CCC+'.

CONTACT:  TISCALI S.p.A.
          Sa Illetta
          09122 Cagliari
          Phone: +39 02 309011
          E-mail: ir@tiscali.com
          Web site: http://www.tiscali.com/


===================
K A Z A K H S T A N
===================

EXPO TRADE: Creditors Have Until Feb. 14 to File Proofs of Claim
----------------------------------------------------------------
LLC EXPO TRADE has declared insolvency.  Proofs of claim may be
submitted to Almaty, Tehnicheskaya Str. 10 on or before Feb. 14,
2006.

Call 8 (3272) 73-99-78 for more information.


FORWARD: Submits to Insolvency Proceedings
------------------------------------------
LLC Forward has declared insolvency.  Proofs of claim may be
submitted to South Kazakhstan region, Shymkent, Ali-Farabi ave.
5a-36 on or before February 14, 2006.

CONTACT:  FORWARD
          South Kazakhstan region,
          Shymkent, Ali-Farabi Ave. 5a-36


NURHAL & K: Declares Insolvency
-------------------------------
LLC Nurhal & K has declared insolvency.  Proofs of claim may be
submitted to Atyrau, B.Mailina Str. 15 on or before Feb. 14,
2006.

CONTACT:  NURHAL & K
          Atyrau, B. Mailina Str. 15


OPTIMAL SERVICE: Claims Bar Date Slated for Feb. 14
---------------------------------------------------
LLC Optimal Service has declared insolvency.  Proofs of claim
may be submitted to Almaty, micro district Aksai 3b 8-17 on or
before February 14, 2006.

Call 8 (3272) 99-49-13 for more information.


===================
K Y R G Y Z S T A N
===================

AKTOBE: Creditors Have Until March 13 to File Proofs of Claim
-------------------------------------------------------------
LLC Aktobe, which recently became insolvent, will accept proofs
of claim on or before March 13, 2006.

Call (+996 312) 90-13-38 for more information.


BEDER: Faces Insolvency Proceedings
-----------------------------------
LLC Beder, which recently became insolvent, will accept proofs
of claim on or before March 13, 2006.

CONTACT:  BEDER
          Bishkek,
          Microdistrict Jal-23, 29-50


EMBIRE: Last Day for Filing of Claims Set
-----------------------------------------
LLC Embire, which recently became insolvent, will accept proofs
of claim on or before March 13, 2006.

CONTACT:  EMBIRE
          Bishkek,
          Microdistrict Jal-23, 29-50


FREZIR: Sets Claims Filing Deadline for March 13
------------------------------------------------
LLC Frezir, which recently became insolvent, will accept proofs
of claim on or before March 13, 2006.

CONTACT:  FREZIR
          Bishkek,
          Profsouznaja Str. 37
          Phone: (+996 312) 24-22-41


===================
L U X E M B O U R G
===================

MILLICOM INTERNATIONAL: Board Seeks Review of Strategic Options
---------------------------------------------------------------
The Board of Directors for Millicom International Cellular S.A.,
decided to conduct a review of strategic options for the Company
following recent receipt of a high number of unsolicited
approaches.  The company has appointed Morgan Stanley as its
financial advisor.

Millicom remains confident in its current strategy and growth
prospects and the outcome of the review may not lead to any
transaction.  Further announcements will be made as appropriate.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa.  It currently has cellular operations
and licenses in 16 countries.  The Group's cellular operations
have a combined population under license of approximately 391
million people.

                        *     *     *

Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.

CONTACT:  MILLICOM INTERNATIONAL CELLULAR S.A.,
          Luxembourg
          Marc Beuls
          President and Chief Executive Officer
          Phone: +352 27 759 327
          Web site: http://www.millicom.com/

          Investor Relations
          Andrew Best
          Phone: +44 20 7321 5022


=====================
N E T H E R L A N D S
=====================


GETRONICS N.V.: S&P Places Recovery Ratings on Watch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Dutch IT services group Getronics
N.V. on CreditWatch with negative implications, following a
profit warning from the group.  

At the same time, Standard & Poor's placed on CreditWatch
negative its 'B-' senior unsecured debt rating on the group's
convertible bonds and its 'B+' long-term and '3' recovery
ratings on Getronics' EUR300 million ($363 million) senior
secured bank loan.  The '3' recovery rating indicates Standard &
Poor's expectation of meaningful (50%-80%) recovery of principal
for secured lenders in the event of a payment default.

Furthermore, Standard & Poor's withdrew its 'B+' long-term and
'3' recovery rating on the EUR75 million first tranche of the
bank loan, which has been repaid in full.

At Sept. 30, 2005, Getronics had gross debt of EUR518 million,
including EUR135 million in cumulative preference shares.

"The CreditWatch placement follows Getronics' announcement that
it had not met its 2005 EBITA margin target of 5% before
exceptional items," said Standard & Poor's credit analyst
Patrice Cochelin.  "We will seek to resolve the CreditWatch
placement in the coming weeks, although a resolution before the
company reports full-year results--on March 2, 2006--is
unlikely."

Resolution will mainly depend upon Getronics' potential for
improving its weak margins and free cash flow generation, and
the size, timing, and impact of asset disposals (including
expected tax gains in Italy).


LAURUS N.V.: Amsterdam Court Rejects Mismanagement Complaints
-------------------------------------------------------------
The Enterprise Chamber of the Amsterdam Court of Appeal has
rejected all complaints brought on behalf of shareholder Albada
Jelgersma, via his related companies, against Laurus N.V.,
Casino Guichard-Perrachon S.A. and former Supervisory Directors
of Laurus N.V.  The court has also dismissed Mr. Jelgersma's
petition on all counts.

Mr. Jelgersma had complained inter alia of unacceptable
conflicts of interests, deception of shareholders and
infringement of statutory provisions and provisions of the
articles of association in the course of the financial
restructuring during the period August 2001 to July 2002, which
would amount in his opinion to mismanagement.

                        *     *     *

Laurus suffered a net loss of EUR128 million in 2004, a sharp
reversal compared with 2003, when the positive net result of
EUR9 million marked an -- albeit modest -- return to
profitability for the first time in several years.  In fighting
the price war, which broke out in October 2003 and continued
unabated in 2004, Laurus implemented substantial price cuts
within all three retail formats, which, combined with the
reduced sales volume, had a major negative impact on the result.

CONTACT:  LAURUS N.V.
          Parallelweg 64
          5201 AD's-Hertogenbosch
          The Netherlands
          Phone: +31-73-622-3622
          Fax: +31-73-622-3636
          Web site: http://www.laurus.nl/


ROYAL SHELL: Cancels 675,000 'A' Shares at EUR26.73 Each
--------------------------------------------------------
Royal Dutch Shell plc purchased 675,000 'A' Shares for
cancellation at a price of EUR26.73 per share on Jan. 19, 2006.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,932,182,974.

As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell
plc were in issue.

                        *     *     *

In 2005, Shell returned US$5 billion to shareholders in 2005 via
market purchases of shares.  This target included shares
purchased for cancellation by The Shell Transport and Trading
Company plc and Royal Dutch Petroleum Company prior to the Group
unification of US$0.5 billion.  The Company expects to continue
its buyback program in 2006 and will provide an update on the
2006 buy back program with the full year results announcement on
February 2, 2006.

Shell's buyback scheme is aimed at reviving shareholders' and
investors' confidence.  The buyback program follows a damaging
reserves overestimation scandal last year.

                        About the Company

Royal Dutch Shell plc, incorporated in England and Wales, is
headquartered in The Hague and listed on the London, Amsterdam,
and New York stock exchanges.  Shell companies have operations
in more than 145 countries with businesses including oil and gas
exploration and production; production and marketing of
Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.

                           The Trouble

Shell admitted overstating proved reserves by almost 6 billion
barrels between January 2004 and February last year.  This led
to the ouster of three top executives, including former Chairman
Philip Watts.  The company was fined EUR150 million in total
after investigations launched by U.S. and British regulators.
Shell has since revised the method by which it calculates
reserves to comply with U.S. regulations.  Shell's proved
reserves stood at 10.2 billion barrels at the end of
2004.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com/


===========
R U S S I A
===========


AGRO-KHIM-SNAB: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision procedure on limited liability company
Agro-Khim-Snab.  The case is docketed as A08-6758/05-24 "B".  
Mr. V. Bushuev has been appointed temporary insolvency manager.  
Creditors may submit their proofs of claim to 309504, Russia,
Belgorod region, Starooskolskiy region, PromPloshadka
Silikatnaya #2.

CONTACT:  AGRO-KHIM-SNAB
          309926, Russia, Belgorod region, Konnogvardeyskiy
          region, Zasosna, Lenina Str. 147

          V. BUSHUEV
          Temporary Insolvency Manager
          309504, Russia, Belgorod region, Starooskolskiy
          region, PromPloshadka Silikatnaya #2    

          ARBITRATION COURT OF BELGOROD REGION
          308600, Russia, Belgorod region,
          Narodnaya Str. 135


BEREZOVSKIYE: Sverdlovsk Court Brings In Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Berezovskiye after finding the close joint
stock company insolvent.  The case is docketed as A60-29146/05-
S11.  Ms. A. Nikulina has been appointed insolvency manager.  
Creditors have to submit their proofs of claim to insolvency
manager: 620039, Russia, Ekaterinburg, Post User Box 57.

CONTACT:  BEREZOVSKIYE
          Russia, Berezovskiy region,
          Chapaeva Str. 39a

          A. NIKULINA
          Insolvency Manager
          620039, Russia, Ekaterinburg,
          Post User Box 57


GAZPROMBANK: S&P Affirms Low-B Short-Term Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and certificate of deposit ratings on
Russia-based Gazprombank (Joint-Stock Bank of the Gas Industry)
to 'BB' from 'BB-'.  The outlook is positive.

At the same time, Standard & Poor's affirmed its 'B' short-term
counterparty credit rating on the bank and raised the Russia
national scale rating to 'ruAA' from 'ruAA-'.

"The rating action reflects the one-notch upgrade of
Gazprombank's parent, OAO Gazprom, the world's largest gas
producer, on increased government support," said Standard &
Poor's credit analyst Ekaterina Trofimova.

The rating action on Gazprom (BB+/Positive/--) took place on
Jan. 16, 2006.

With reported assets under IFRS of $12.3 billion at June 30,
2005, Gazprombank is the third-largest bank in Russia and the
main financial services provider to Gazprom and related
companies.

The positive outlook mirrors that on Gazprom, and reflects the
expectation that the company will retain control over
Gazprombank and support it if necessary.

"The ratings on Gazprombank will depend, however, on both the
relationship with Gazprom and development of the bank's stand-
alone credit profile," Ms. Trofimova said.

We would view positively improvements in recurrent
profitability, a larger customer franchise outside the group,
and broader diversification of good quality assets and revenues.

"Any material deterioration in the bank's stand-alone profile
would put downward pressure on the ratings and constrain the
potential for an upgrade, even if the parent is upgraded," added
Ms. Trofimova.

CONTACT:  GAZPROMBANK
          16, Building 1,
          Nametkina St., 117420, Moscow, Russia

          63, Novocheremushkinskaya St., 117418,
          Moscow, Russia
          Phone: (095) 913-74-74
          Fax: (095) 913-73-19
          E-mail: mailbox@gazprombank.ru
          Web site: http://www.gazprombank.ru/


IRKUTSK-METAL-OPT-TORG: Succumbs to Bankruptcy
----------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Irkutsk-Metal-Opt-Torg (TIN 3810023523)
after finding the limited liability company insolvent.  The case
is docketed as A19-3906/05-34.  Mr. I. Boldakov has been
appointed insolvency manager.

CONTACT:  IRKUTSK-METAL-OPT-TORG
          664053, Russia,
          Irkutsk region, Gorka St

          I. BOLDAKOV
          Insolvency Manager
          Russia, Irkutsk region,
          Khomutovo, Rogal Str. 11


KIROVSKIY MEAT: Deadline for Proofs of Claim Set Wednesday
----------------------------------------------------------
The Arbitration Court of Kaluga region commenced bankruptcy
proceedings against Kirovskiy Meat Combine after finding the
open joint stock company insolvent.  The case is docketed as
A23-224/05B-17-7.  Mr. V. Yunin has been appointed insolvency
manager.  Creditors have until Jan. 25, 2006, to submit their
proofs of claim to 248009, Russia, Kaluga, Mayakovskogo Str. 17.
CONTACT:  KIROVSKIY MEAT COMBINE
          Russia, Kaluga region, Kirov

          V. YUNIN
          Insolvency Manager
          248009, Russia, Kaluga region,
          Mayakovskogo Str. 17
          Phone/Fax: (0842) 55-17-36/59-04-09


MACHINE TOOL: Court Taps E. Idelchik as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision procedure on open joint stock company
Machine Tool Factory.  The case is docketed as 26-4193/2005-18.  
Ms. E. Idelchik has been appointed temporary insolvency manager.

CONTACT:  MACHINE TOOL FACTORY
          185034, Russia, Kareliya republic, Petrozavodsk,
          Yuzhnaya Promzone, Post User Box 120

          E. IDELCHIK
          Temporary Insolvency Manager
          185035, Russia, Kareliya republic,
          Petrozavodsk, Gogolya Str. 54


METAL-WORKING: Claims Filing Period Ends Thursday
-------------------------------------------------
The Arbitration Court of Kareliya republic commenced bankruptcy
proceedings against Metal-Working after finding the company
insolvent.  The case is docketed as A26-654/2005-18.  Ms. T.
Rogozina has been appointed insolvency manager.  Creditors have
until January 26, 2006 to submit their proofs of claim to
185001, Russia, Kareliya republic, Petrozavodsk, Post User Box
260.

CONTACT:  METAL-WORKING FACTORY
          186500, Russia, Kareliya republic,
          Belomorsk, Voronina Str. 4a

          T. ROGOZINA
          Insolvency Manager
          185001, Russia, Kareliya republic,
          Petrozavodsk, Post User Box 260


MOKOVSKIY BRICKWORKS: Faces Bankruptcy Supervision in Kursk
-----------------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on limited liability company Mokovskiy
Brickworks.  The case is docketed as A35-8875/05 "g".  Mr. S.
Bulgakov has been appointed temporary insolvency manager.

CONTACT:  MOKOVSKIY BRICKWORKS
          Russia, Kursk region

          S. BULGAKOV
          Temporary Insolvency Manager
          305023, Russia, Kursk region,
          Litovskaya Str. 12A


MOSENERGO (AO): S&P Affirms Low-B Long-Term Rating
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on Russia-based generation company
Mosenergo (AO).  The outlook remains positive.

"Mosenergo remains highly exposed to the regulatory risk
associated with continued Russian electricity sector reform, an
evolving regulatory framework, and political influence on the
tariff-setting process," said Standard & Poor's credit analyst
Eugene Korovin.  "Other risk factors include the significant
external funding requirements of an ambitious investment
program, high contingent liabilities, and weak liquidity."

These risks are offset by Mosenergo's strong competitive
position in the relatively lucrative, solvent, and growing
Moscow regional power market.  Its position is supported by a
diversified combined heat and power generation portfolio, and
the company benefits from the technical limitations on
competition from alternative power and heat producers.

Mosenergo plans to invest more than Russian ruble (RUR) 40
billion ($1.4 billion) in new generation capacity over the
period 2006-2009.  Less that 50% of this should be funded
internally, with the major part of the program likely to be
covered by a combination of debt and equity financing.

Planned changes to tariff regulation are likely to reduce
Mosenergo's regulatory exposure over the medium term, although
continued political pressure on tariffs will likely constrain
the company's profitability and could impair its cash flow
protection in the medium term.

Mosenergo's liquidity and overall financial profile will likely
improve in the short term, following the planned placement of
two RUR5 billion bond issues (maturing in five and 10 years,
respectively) scheduled for February 2006.  The company should
refinance most of its outstanding short-term bank debt with
proceeds from the bond placement, and reduce its exposure to
refinancing risk.

"Continued improvement of the regulatory framework and
deregulation of the power markets will improve the business
profile of Mosenergo and create additional upside potential for
the rating," added Mr. Korovin.
  
CONTACT:  MOSENERGO AO - ADR
          8 Raushskay nab.
          115035 Moscow,
          Russian Federation
          Phone: +7 095 9573530
          Fax: +7 095 2306317


POKROVSKIYE FILTERS: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Saratov region has commenced
bankruptcy supervision procedure on close joint stock company
Pokrovskiye Filters.  The case is docketed as A57-405B/05-23.  
Mr. A. Antonenko has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 410004, Russia,
Saratov, Chernyshevskogo Str. 88.  A hearing will take place on
Feb. 14, 2006, 3:30 p.m.

CONTACT:  POKROVSKIYE FILTERS
          413118, Russia, Saratov region,
          Engels, Lenina Str. 210

          A. ANTONENKO
          Temporary Insolvency Manager
          410004, Russia, Saratov region,
          Chernyshevskogo Str. 88


SEL-KHOZ-TEKH-PROM: Insolvency Manager Takes Over Firm
------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision procedure on open joint stock
company Sel-Khoz-Tekh-Prom.  The case is docketed as A20-
7800/05.  Ms. L. Boginskaya has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 360000, Russia, Nalchik, Baysultanova Str. 2, Post User Box
180.

CONTACT:  SEL-KHOZ-TEKH-PROM
          Russia, Kabardino Balkariya republic,
          Nalchik, 7th Promproezd

          L. BOGINSKAYA
          Temporary Insolvency Manager
          360000, Russia, Nalchik, Baysultanova Str. 2,
          Post User Box 180


SOV-TEKS: Ivanovo Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Sov-Teks after finding the close joint stock
company insolvent.  The case is docketed as A17-1300/05-1-B.  
Ms. A. Nekhina has been appointed insolvency manager.

CONTACT:  SOV-TEKS
          Russia, Ivanovo region,
          Kokhma, Sovetskaya Str. 23

          A. NEKHINA
          Insolvency Manager
          127486, Russia, Moscow, Korovinskoye Shosse, 10,
          Building 2, Office 37


===========
S W E D E N
===========

ELECTROLUX AB: Unveils Proposed Board Members for Spin Off
----------------------------------------------------------
Members of the Board of Directors have been proposed for
Husqvarna, the new Group that is being formed through the spin
off of Electrolux AB's Outdoor Products operation.

The proposed Board members are:

   (a) Peggy Bruzelius, born 1949.  M Econ.  Chairman of the
       Board of Lancelot Asset Management.  Deputy Chairman of
       Electrolux.  Board member of Axfood, Ratos, Scania and
       Syngenta, among other companies;

   (b) Borje Ekholm, President and CEO of Investor.  Born 1963.
       M Eng, MBA.  Chairman of the Board of WM-data and
       Biotage.  Board member of Tessera Technologies Inc.,
       among other companies;

   (c) Tom Johnstone, President and CEO of SKF.  Born 1955.  
       MA, Hon. Doc. in BA.  Board member of SKF and Electrolux;

   (d) Anders Moberg, President and CEO of Royal Ahold.  Born
       1950.  Chairman of the Board of Clas Ohlson.  Board
       member of DFDS A/S and Velux A/S in Denmark;

   (e) Gun Nilsson, Senior Executive Vice-President of Duni.  
       Born 1955.  M Econ;

   (f) Peder Ramel, President of B2 Bredband.  Born 1955.  M
       Econ;

   (g) Lars Westerberg, President and CEO of Autoliv.  Born
       1948.  M Eng, MBA.  Board Member of Haldex, among other
       companies; and

   (h) Bengt Andersson, Senior Executive Vice-President of
       Electrolux, Head of Electrolux Outdoor Products.  Born
       1944. Mech. Eng.  Board Member of Kabe Husvagnar AB.

Lars Westerberg has been proposed as Chairman.  Additional Board
members may be nominated.

Appointment of Board members is scheduled for later in January
prior to the first Board meeting.  The proposal for Board
members has been prepared in consultation with the Electrolux
nomination committee.

The members of the nomination committee include Jacob
Wallenberg, Chairman of Investor AB, Carl Rosen of the Second
Swedish National Pension Fund, Ramsay J. Brufer of Alecta Mutual
Pension Insurance, Kjell Norling of Handelsbanken/SPP Funds and
Michael Treschow, Chairman of the Board of Electrolux.

                     About the Company

The Electrolux Group is the world's largest producer of powered
appliances for kitchen, cleaning and outdoor use, such as
refrigerators, washing machines, cookers, vacuum cleaners,
chainsaws, lawn mowers, and garden tractors.  Every year,
customers in more than 150 countries buy more than 55 million
Electrolux Group products for both consumer and professional use
sold under famous brands such as AEG, Electrolux, Zanussi,
Frigidaire, Eureka and Husqvarna.  In 2004, Electrolux had sales
of SEK121 billion and 72,000 employees.

After a six-month long investigation, Electrolux AB closed its
appliances factory in Nuremberg, Germany on Dec. 12.  Production
will gradually be moved to Italy and Poland.  Closure of the
factory is expected to be completed by the end of 2007.

"This was one of the most difficult decisions I ever experienced
during my time at Electrolux.  I am aware that this decision
will affect, in a very negative way, many individuals, their
families and relatives.  However we finally had to conclude that
there is no way to bridge the large cost gap that would make
production in Nuremberg competitive," says Johan Bygge, head of
Electrolux Major Appliances Europe and Asia Pacific.

The factory in Nuremberg has approximately 1,750 employees.  The
closure of the factory will incur a total cost of approximately
SEK2.3 billion, which will be taken as a charge against
operating income in the fourth quarter of 2005.

Electrolux has also launched an investigation about a potential
closure of the compact appliances factory in Torsvik, Sweden,
which has 190 employees.  The restructuring cost for a potential
factory closure will be communicated when the investigation is
completed.

                        *     *     *

As previously reported in the TCR Europe, after a six-month long
investigation, Electrolux AB on Dec. 12 decided to close its
appliances factory in Nuremberg, Germany.  Production will
gradually be moved to Italy and Poland.  Closure of the factory
is expected to be completed by the end of 2007.

The factory in Nuremberg has approximately 1,750 employees.  The
closure of the factory will incur a total cost of approximately
SEK2.3 billion, which will be taken as a charge against
operating income in the fourth quarter of 2005.

Electrolux also decided to initiate an investigation about a
potential closure of the compact appliances factory in Torsvik,
Sweden, which has 190 employees.  The restructuring cost for a
potential factory closure will be communicated when the
investigation is completed.

CONTACT:  ELECTROLUX AB
          Goransgatan
          Stockholm SE- 105 45 Sweden
          Phone: +46 8 738 6494
          Fax: +46 8 738 7090
          E-mail: ir@electrolux.se
          Web site: http://www.electrolux.com/  


SKANDIA INSURANCE: Eyes EGM Following FSA OK on Takeover Deal
-------------------------------------------------------------
The Board of Directors for Skandia Insurance Co. Ltd. intends to
call for an extraordinary general meeting following Old Mutual
plc's announcement that the U.K. Financial Services Authority
has approved its proposed acquisition of all of the shares in
Skandia.

                   Confirmed Acceptances

Old Mutual plc confirmed Tuesday that acceptances of its Offer
have now been validated in respect of 718,531,850 shares in
Skandia Insurance Co. Ltd. representing approximately 69.7% of
the total number of shares and votes in Skandia (on a fully
diluted basis).  Approvals have been received from financial
regulators in Sweden and most other jurisdictions.  Old Mutual
has received all relevant anti-trust clearances.

In another statement, Skandia Insurance revealed that under the
condition that Old Mutual receives approval in the outstanding
regulatory matters, Old Mutual will be Skandia's principal
shareholder.  Skandia continues to be a listed company that is
subject to the rules of the Stockholm Stock Exchange.  As
previously announced, Skandia shareholders will continue to
maintain the right to withdraw tendered shares during the
extension period.  Skandia's customer relations will remain
unchanged with Old Mutual as the principal owner.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080
          Web site: http://www.skandia.com/

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00

          OLD MUTUAL PLC
          Investor Relations
          Andrew Parkins
          Phone: +44 (0) 20 7002 7264
          Media Relations
          Miranda Bellord
          Phone: +44 (0) 20 7002 7133
          Web site: http://www.oldmutual.com/


=============
U K R A I N E
=============

AGROLEASING: Kyiv Court Freezes Debt Payments
---------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Production Company Agroleasing
(code EDRPOU 31627498) and ordered a moratorium on satisfaction
of creditors' claims.  The case is docketed as 44/450-b.  Mr.
Sergij Kitsul (License Number AA 5487782) has been appointed
temporary insolvency manager.  The company holds account number
2600100630035 at JSCB Pravex-Bank, MFO 321983.

CONTACT:  AGROLEASING
          03127, Ukraine, Kyiv region,
          Geroiv Oboroni Str. 10/107

          Mr. Sergij Kitsul
          Temporary Insolvency Manager
          02097, Ukraine, Kyiv region,
          Liskivska Str. 28/15
          Phone: 8 (067) 295-08-03

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard 44-B


AVTO-BUDSERVICE: Reaches Cul-de-Sac
-----------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Avtobudservice (code EDRPOU 24910770) on
December 1, 2005 after finding the limited liability company
insolvent.  The case is docketed as 25/263.  Mr. Sergij Bagmet
(License Number AA 779159) has been appointed
liquidator/insolvency manager.

CONTACT:  AVTO-BUDSERVICE
          69118, Ukraine, Zaporizhya region,
          Chubanov Str. 5

          Mr. Sergij Bagmet
          Liquidator/Insolvency Manager
          69104, Ukraine, Zaporizhya region, a/b
          Phone: (0612) 17-66-17
          Fax: (0612) 17-33-40

          ECONOMIC COURT OF ZAPORIZHYA REGION
          69001, Ukraine, Zaporizhya region,
          Shaumyana Str. 4


CHERNIGIV' AGRARIAN: Temporary Insolvency Manager Comes In
----------------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on LLC Chernigiv' Agrarian Company (code
EDRPOU 32023081).  The case is docketed as 4/297-B.  Mr. O.
Barbarov (License Number AA 668308) has been appointed temporary
insolvency manager.

CONTACT:  CHERNIGIV' AGRARIAN COMPANY
          15200, Ukraine, Chernigiv region,
          Shors, Volodarskij Str. 101

          Mr. O. Barbarov
          Temporary Insolvency Manager
          Ukraine, Chernigiv, Gorkij Str. 90/22

          ECONOMIC COURT OF CHERNIGIV REGION
          14000, Ukraine, Chernigiv, Miru Avenue 20


CHUGUYIVSKIJ AGROTECHSERVICE: Succumbs to Bankruptcy
----------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Chuguyivskij Agrotechservice (code
EDRPOU 00907510) on November 23, 2005.  The case is docketed as
B-39/118-05.  Mr. A. Fedorchenko (License Number AA 779212) has
been appointed temporary insolvency manager.  The company holds
account number 260000522966342 at CB Privatbank, Harkiv regional
branch, MFO 351533.

CONTACT:  CHUGUYIVSKIJ AGROTECHSERVICE
          63540, Ukraine, Harkiv region,
          Chuguyiv district,
          Korobochkino, Rostovska Str. 7

          Mr. A. Fedorchenko
          Temporary Insolvency Manager
          61058, Ukraine, Harkiv region,
          Gritsevtsya Str. 24/15

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square 5, Derzhprom 8th Entrance


GENEKS: N. Martinenko Named Temporary Insolvency Manager
--------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Geneks (code EDRPOU 30086511). The
case is docketed as 19/85(03).  Mr. N. Martinenko (License
Number AA 783173) has been appointed temporary insolvency
manager.  The company holds account number 26001001300283 at
JSCB Rajffajzenbank, MFO 300528.

CONTACT:  GENEKS
          69001, Ukraine, Zaporizhya region,
          Peremogi Str. 24

          Mr. N. Martinenko
          Temporary Insolvency Manager
          69057, Ukraine, Zaporizhya region,
          Peremogi Str. 131

          ECONOMIC COURT OF ZAPORIZHYA REGION
          69001, Ukraine, Zaporizhya region,
          Shaumyana Str. 4


MUKACHEVO' CERAMIC: Crumbles Under Insolvency
---------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
proceedings against Mukachevo' Ceramic Bar Plant (code EDRPOU
01752452) on November 29, 2005 after finding the limited
liability company insolvent.  The case is docketed as 6/64.  Ms.
Olga Rudenko (License Number AA 419494 of December 10, 2002) has
been appointed liquidator/insolvency manager.

CONTACT:  MUKACHEVO' CERAMIC BAR PLANT
          Ukraine, Zakarpatska region,
          Mukachevo district, Pavshino, Engels Str. 1/7

          Ms. Olga Rudenko
          Liquidator/Insolvency Manager
          Ukraine, Uzhgorod region,
          Divocha Str. 45/17

          ECONOMIC COURT OF ZAKARPATSKA REGION
          88000, Ukraine, Uzhgorod region,
          Kotsubinski Str.2a


PIVDENINTEH: Court Launches Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Pivdeninteh (code EDRPOU 20218178)
on December 1, 2005.  The case is docketed as B 24/276/05.
Mr. Talan Rostislav (License Number AA 779211) has been
appointed temporary insolvency manager.  The company holds
account number 2600905505501166 at CB Privatbank, MFO 305622.

CONTACT:  PIVDENINTEH
          49000, Ukraine, Dnipropetrovsk region,
          Academic Lazaryan Str. 3

          Mr. Talan Rostislav
          Temporary Insolvency Manager
          49000 Ukraine, Dnipropetrovsk region a/b 158
          Phone: 8 (0562) 370-74-70

          ECONOMIC COURT OF DNIPROPETROVSK REGION
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


PKF AQUA-MASTER: Declared Insolvent
-----------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against PKF Aqua-Master (code EDRPOU 21944159) on
November 22, 2005 after finding the open joint stock company
insolvent.  The case is docketed as B29/219/05.  Mr. Sergij
Bagmet (License Number AA 779159) has been appointed
liquidator/insolvency manager.

CONTACT:  PKF AQUA-MASTER
          49094, Ukraine, Dnipropetrovsk region,
          Naberezhna Peremogi Str. 3

          Mr. Sergij Bagmet
          Liquidator/Insolvency Manager
          69104, Ukraine, Zaporizhya region, a/b 1064
          Phone: (0612) 17-66-17
          Fax: (0612) 17-33-40

          ECONOMIC COURT OF DNIPROPETROVSK REGION
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


PRIVATBANK COMMERCIAL Loan Notes Assigned Ba3 Ratings
-----------------------------------------------------
Moody's Investors Service assigned a rating of Ba3 to the
upcoming issue of Loan Participation Notes (LPN) to be issued on
a limited recourse basis by Standard Bank PLC for the sole
purpose of financing a subordinated loan to Privatbank
(Ukraine).  

The issuer will be accountable to the noteholders only for the
amounts actually received from the bank in accordance with the
subordinated loan agreement.  The amount and maturity will be
determined by market conditions.  The outlook for the rating is
stable.

Moody's explains that the Ba3 rating assigned to the notes is
based on the fundamental credit strength of PrivatBank, the
largest bank in the Ukrainian banking system, as captured by its
Baa3 (stable) global local currency rating, and pierces the B1
country ceiling for foreign currency bonds.  The bank's global
currency rating is notched down to reflect the subordinated
nature of payments under the loan agreement underlying the
notes.  Further, the rating also reflects the probability of a
sovereign default implied by Ukraine's B1 (stable outlook)
foreign currency bond rating, and the likelihood that the
Ukrainian government could impose a debt moratorium in the event
of default on its own foreign currency obligations.

The rating also addresses the risk that such a moratorium might
include foreign currency loans and that these notes in
particular, being dependent upon loan payments by PrivatBank,
might be affected.  Given that the banking system is an arm of
the government's monetary and foreign exchange policy, Moody's
believes that credits dependent on bank performance may have a
lower probability of having such payments exempted from a
moratorium than would, for example, those of a major exporter.

The Ba3 rating thus indicates the joint probabilities of default
that are captured in the foreign currency ceiling and the
standalone rating of the security.  A discussion of the
rationale behind these credit evaluations can be found in
Moody's Rating Methodology entitled "Revised Country Ceiling
Policy".

Moody's notes that the subordinated loan agreement contains an
interest suspension clause subject to which, under certain
conditions, PrivatBank may defer interest payments if requested
to do so by the National Bank of Ukraine.  The subordinated loan
agreement stipulates a number of conditions which may trigger
interest suspension, such as deterioration in the bank's
financial position evidenced by a breach of certain of NBU's
requirements, material impairment of the bank's assets (measured
by a specific ratio of negatively classified assets after
provisions), net loss incurred for the period preceding the
interest payment, as well as some other conditions.

However, should the interest be suspended, the bank's obligation
to pay it is not cancelled and the interest will be payable
within 30 days from the time when the condition giving rise to
the suspension has been rectified.  According to Moody's,
expected loss from the interest suspension (which is deemed to
be a remote event) is captured in the Ba3 rating level.

PrivatBank is headquartered in Dnipropetrovsk, Ukraine, and
reported total consolidated assets of US$4.165 billion in
accordance with IFRS (unaudited) as of June 30, 2005.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Adel Satel, Managing Director
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL)
          Dmitry Polyakov, Asst Vice President - Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


===========================
U N I T E D   K I N G D O M
===========================

ARDAGH GLASS: S&P Affirms B+ Rating
-----------------------------------
Standard & Poor's Ratings Services revised its outlooks on
Guernsey-based glass-bottle manufacturer Ardagh Glass Group PLC
and related entity Ardagh Glass Ltd. to negative from stable,
following a deterioration of the group's operating environment.  
At the same time, Standard & Poor's affirmed all its ratings on
Ardagh and related entities, including its 'B+' corporate credit
rating on the group.

"The outlook revision reflects our view that the deterioration
in Ardagh's operating environment could be sustained over the
medium term, leading to further weakening of the group's
operating and financial performance," said Standard & Poor's
credit analyst Vanessa Brathwaite.

"Increased debt from the pay-in-kind notes that the group issued
in 2005, together with weaker cash flows, are expected to have a
negative impact on credit measures, which could decline to a
level no longer adequate for the 'B+' rating category."

The ratings on Ardagh continue to reflect the group's aggressive
financial profile, limited diversification, and high dependence
on the U.K. food and beverage market.  This is in addition to
the group's high customer concentration: Ardagh's top-10
customers represent nearly two-thirds of sales.  These factors
are mitigated by the group's leading position and market share
in the small but lucrative U.K. glass bottle market, as well as
the fact that a large proportion of Ardagh's business is covered
by multi-year contracts varying from one to three years, which
adds stability to the group's revenues.

At Sept. 30, 2005, Ardagh had total debt of EUR486.7 million,
including the pay-in-kind (PIK) notes and EUR31 million of
unfunded pension liabilities.

"The ratings on Ardagh could be lowered if market conditions or
the group's operating performance deteriorate further, or if
further debt-financed bolt-on acquisitions result in the group
being unable to maintain adequate credit ratios," added Ms.
Brathwaite.

For the outlook to be revised to stable the group would need to
maintain funds from operations to net debt (including unfunded
pension liabilities and the PIK notes) of at least 10% and
EBITDA interest cover at more than 2x.  In addition, market
conditions would need to improve with cost inflation being
recovered through price increases.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com It can also be found at  
http://www.standardandpoors.com Alternatively, call one of the  
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

CONTACT:  ARDAGH GLASS LTD.
          7 New Street St. Peter Port
          Guernsey GY1 4BZ, Channel Islands
          E-mail: glass@ardaghglass.com
          Web site: http://www.ardaghglass.co


ATHENA UK: Creditors Meeting Set Tomorrow
-----------------------------------------
Creditors of Athena UK Limited will meet on Jan. 24, 2006, 10
a.m. at Station House, Midland Drive, Sutton Coldfield, West
Midlands B72 1TU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to G. Irwin, administrator of Irwin & Company,
Station House, Midland Drive, Sutton Coldfield, West Midlands
B72 1TU not later than 12 noon, Jan. 23, 2006.

CONTACT:  IRWIN & COMPANY
          Station House
          Midland Drive
          Sutton Coldfield
          Birmingham
          West Midlands B72 1TU
          Phone: 08700 111812
          Fax: 08700 111813
          E-mail: mail@irwinuk.net


BRIGHT THINGS: Gloomy as Losses Could Reach GBP5 Million
--------------------------------------------------------
Shares in Bright Things plc fell almost 29% last week after the
retailer warned it had shipped fewer units than expected during
the holidays, said The Scotsman.

The London-based company anticipates pre-tax losses for the year
ending March 2006 to reach GBP4.5 million to GBP5 million, over
a million more than previously expected.

The creator of Bubble, the pre-school interactive games console
and associated software, revealed only around 28,000 Bubble
hardware units were shipped into the sales channel by Bandai in
the period to 31 December 2005.

Incorporated in March 2004, Bright Things acquired the entire
share capital of Bright Entertainment Limited (formerly Bright
Things Limited) in April of that year.  A year after, Bright
Things placed 4,000,000 new ordinary shares at a price of
GBP1.50 per share, which were admitted to trading on AIM on 29
March 2005.  The company raised GBP5,737,000 net of costs from
this issue of ordinary shares.  The group made an operating loss
of GBP3,576,000 (2003 - GBP98,000) for the fifteen months ended
31 March 2005.

Last November, the company reported that turnover for the six
months ended 30 September 2005 totaled GBP674,000.  The overall
gross loss for the period was GBP11,000.  This was primarily due
to the higher Cost of Goods associated with the first bubble
units and Interactive DVD games being produced.  Net assets have
decreased to GBP5,099,000 as at 30 September 2005 from
GBP6,810,000 at 31 March 2005.

CONTACT:  BRIGHT THINGS PLC
          Chiswick Park - Building 3
          566 Chiswick High Road
          Chiswick
          London W4 5YA
          Phone: +44 (0) 870 351 7770
          Fax: +44 (0) 870 351 7771


CENTRAL SCAFFOLD: Hires CBA Administrator
-----------------------------------------
Neil Charles Money and Neil Richard Gibson (IP Nos 8900, 9213)
of CBA were appointed joint administrators of Central Scaffold
Services Limited (Company No 02010230) on Jan. 4.  The company
offers general construction and civil engineering services.

CONTACT:  CENTRAL SCAFFOLD SERVICES LIMITED
          Friar Park Road, Wednesbury,
          West Midlands,WS10 0JX
          Phone: 0121 505 3444

          CBA
          39 Castle Street
          Leicester LE1 5WN
          Phone: (0116) 262 6804
          Fax: (0116) 217 1404
          E-mail: leics@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


CHARACTER GROUP: Notifies FCO of Unit's Potential Takeover CPR
----------------------------------------------------------
Further to the announcement on Jan. 9, 2006, Character Group plc
disclosed Thursday that Flextronics Sales and Marketing (A-P)
Ltd. and Character's subsidiary World Wide Licenses Ltd. have
filed a joint notification at the Federal Cartel Office in
Germany -- in accordance with German competition law and merger
clearance procedures -- regarding Flextronics' possible
acquisition of Character's digital products division.

Negotiations are continuing with Flextronics and shareholders
will be updated in due course.

                            *   *   *

The company behind Christmas 2004's best-selling toy,
Robosapien, incurred a loss of GBP1.93 million in the first half
of 2005.  Executive Chairman Richard King said, "Business just
dropped off a precipice in January.  It just turned into a
disaster area."

Mr. King attributed the figure to tough market conditions and
price cuts from rival high street retailers like Argos, which
have prevented the group from carrying out any price increases.
The fall of The Gadget Shop, which distributes the robots and
the company's wide range of talking key rings, didn't help
either.

CONTACT:  CHARACTER GROUP PLC
          2nd Floor
          86-88 Coombe Road
          New Malden
          Surrey, KT3 4QS
          Registered No: 3033333
          Phone: 44 (0) 20 8949 5898
          Fax: 44 (0) 20 8336 2585
          Web site: http://www.charactergroup.plc.uk


CHEESEMANS LIMITED: Hire Administrators from Tenon Recovery
-----------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox (IP Nos 8860, 8891) of
Tenon Recovery were appointed joint administrators of Cheesemans
Limited (Company No 3651274) on Jan. 4.

CONTACT:  CHEESEMANS LIMITED
          14 Fitzherbert Spur, Farlington
          Portsmouth, PO6 1TT
          Phone: 023 9238 4518
          Fax: 023 9238 3907
          E-mail: Sales@cheesemansltd.co.uk
          Web site: http://www.cheesemansltd.co.uk/

          TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


COMPUTACENTER PLC: Ends Takeover Negotiations
---------------------------------------------
Computacenter plc had entered into preliminary discussions
relating to a possible offer for the Company from a group led by
Sir Peter Ogden and including Computacenter's executive
management.  The Company revealed Thursday that these
discussions have not progressed to an offer and have now
terminated.

Meanwhile, for the year ended Dec. 31, 2005, group profit before
tax for 2005 is expected to be in the range of GBP32 million to
GBP34 million, materially ahead of market expectations, due to
unusually strong demand from customers at the yearend.  Cash
generation was adversely impacted by the higher than expected
sales in December, which increased the level of working capital
required at the yearend.

In the U.K., trading in the third quarter of the year was slow,
but improved in the fourth quarter and was particularly strong
in the latter part of December.  As in 2004, the substantial
increase in product revenue in the final days of the year is
primarily related to sales of enterprise-type products and
software as opposed to personal computers.  U.K. service
revenues were broadly the same as last year, with a modest
increase in Managed Services revenues, offset by a reduction in
Professional Services revenues.

In Germany, trading in both the third and fourth quarters was
encouraging.

In France, performance in the second half improved substantially
over the first half, as anticipated, such that full year
revenues were broadly flat on 2004, despite being 14% down at
the interims.  As in the U.K., trading in the latter part of
December was very strong, in particular with Government
institutions.

Computacenter will announce its preliminary results for the year
ending Dec. 31, 2005 on Tuesday, March 14. 2006.

                        About the Company

Computacenter is an independent provider of IT infrastructure
services through its network of branch offices across the U.K.,
Germany, France, Luxembourg and Belgium, and international
partners, at locations across the globe.  With a workforce of
9,838, the group reported revenue of 2,455.8 million, and
operating profit 65.7 million in 2004.

On June 28, shares in Computacenter plunged more than 20% after
it disclosed a profit warning for the second time this year.  
The warning, which stripped almost GBP100 million from the
firm's value, undermined hopes of a turnaround and boosted
threats of job cuts.

CONTACT:  COMPUTACENTER PLC
          Hatfield Avenue
          Hatfield
          Hertfordshire AL10 9TW, United Kingdom
          Phone: +44-17-0763-1000
          Fax: +44-17-0763-9966
          Web site: http://www.computacenter.co.uk


DRAX GROUP: Recovers GBP56.8 Million from TXU Companies
-------------------------------------------------------
Supervisors of TXU Europe Energy Trading Limited and TXU Europe
Group plc have notified Drax Group plc that it will receive the
sum of GBP56.8 million pursuant to the Company Voluntary
Arrangements for these TXU companies.

The payment was expected Thursday and, after making a deduction
for VAT, will be applied in partial repayment of a GBP77 million
bridge loan facility for Drax Finance Limited.

This payment is the third distribution received from the CVAs
and Drax continues to expect repayment of its principal claims
broadly in full, with further distributions also being applied
in repayment of amounts outstanding under the bridge facility.  
The amounts left to be recovered from TXU EET and TXUEG now
amount to GBP26.3 million out of total claims of some GBP348
million.

The Supervisors of TXU EET and TXUEG currently anticipate that
the fourth distribution will be made in May/June 2006 with fifth
and sixth distributions in October 2006 and early 2007.

Drax has principal claims against TXU EET (in administration and
subject to a CVA) which total approximately GBP348 million,
which were partly guaranteed by TXUEG (in administration and
subject to a CVA).  On Jan. 28, 2005, CVAs were approved for a
number of TXU companies, including TXU EET and TXUEG.

It is expected that Drax will receive distributions from the
CVAs for TXU EET and TXUEG totaling an estimated GBP348 million.  
On March 30, 2005, Drax received from TXU EET and TXUEG the sum
of GBP214.2 million.  On Aug. 2, 2005, Drax received from TXU
EET and TXUEG the sum of GBP50.7 million.  The amount left to be
recovered from TXU EET and TXUEG, after that which was expected
to be received Thursday, total GBP26.3 million.  The GBP77
million bridging loan facility formed part of the refinancing
arrangements implemented on Dec. 15, 2005 and is secured against
the proceeds from the CVAs.

                        About the Company

Headquartered in Selby, North Yorkshire, United Kingdom, Drax
Group operates the largest coal-fire power plant in Europe.  Its
primary subsidiary, Drax Power, operates the Drax Power Station
in North Yorkshire England.

Drax Group underwent a financial restructuring in 2003 after its
largest customer, TXU Europe, filed for administrative
protection.  Its former project creditors took control of the
firm from owner U.S. energy generator AES.  In December 2004, it
secured an agreement for a GBP348 million claim from TXU.  It
received a first distribution of some GBP214 million at the end
of March.  Succeeding payments were made in 2005 and are
expected in 2006.  The company is using its money to discharge B
debt.

CONTACT:  DRAX GROUP LIMITED
          P.O. BOX 3
          Selby
          North Yorkshire
          YO8 8PQ
          Phone: +44 (0) 1757 618381
          Fax: +44 (0) 1757 618504


EARTHPORT PLC: Names Canaccord Adams Advisor, Broker
----------------------------------------------------
The Board of Earthport plc has appointed Canaccord Adams Limited
as Nominated Advisor and Broker to the Company effective Jan.
19, 2005.

Mike Harrison, chairman of Earthport, said, "We are pleased with
the appointment of Canaccord Adams and hope to benefit from
their considerable experience in the online payment sector and
their international reach."

                            *   *   *

The Chairman's review of Earthport plc's activities, announced
on June 2, 2005, has been completed.  Earthport has been
restructured and its strategy and activities realigned.

As previously announced, the balance sheet has been strengthened
by replacing GBP4.0 million of secured loans and unsecured
finance leases with a GBP1.25 million secured loan facility,
repayable over five years.  Obligations have thus, through
negotiation, been reduced by GBP2.75 million and extended to a
longer maturity.  In addition GBP3.2 million of Loan Stock
presently on the balance sheet will convert automatically into
equity before 30 June 2006.

Also as previously announced, following the EGM, Earthport has
raised GBP4.5 million of equity funding.  The Directors believe
that Earthport now has an appropriate financing strategy in
place to take it to and past cash neutrality.

CONTACT:  EARTHPORT PLC
          Press enquiries:
          Mike Harrison, Chairman
          Phone: +44 20 7220 9700

          NABARRO WELLS
          David Nabarro/Jonathan Naess
          Phone: +44 20 7710 7400


HART HOUSE: Hires Liquidator from Mercer & Hole
-----------------------------------------------
J. Pinfold, chairman of Hart House Financial Services, informs
that the special resolution to wind up the firm was passed at an
EGM held on Dec. 28 at 6 Chauncy Close, Ware, Hertfordshire SG12
0RP.  Steven Leslie Smith of Mercer & Hole, 72 London Road, St
Albans, Hertfordshire AL1 1NS was appointed liquidator.

Creditors are required on or before Feb. 9, 2006, to send in
their full names and addresses, particulars of debts or claims,
and the names and addresses of Solicitors (if any) to Steven
Leslie Smith.

CONTACT:  MERCER & HOLE
          Gloucester House
          72 London Road
          St Albans
          Hertfordshire AL1 1NS
          Phone: 01727 869141
          Fax: 01727 869149
          E-mail: stevesmith@mercerhole.co.uk


KINGSVALE HOMES: Property Developers Hire KPMG Administrator
------------------------------------------------------------
Company Names: KINGSVALE HOMES LIMITED
               (Company No 04878447)

               KINGSVALE HOMES (SAINTBURY) LIMITED
               (Company No 04878517)

Allan Watson Graham and Richard James Philpott (IP Nos 8719,
9226) of KPMG LLP were appointed administrators of these
property developers on Jan. 4.  

CONTACT:  KINGSVALE HOMES LTD.
          2 New Cottages Pard House Lane,
          Stanford Bridge, Worcester WR6 6RY
          Phone: 01886 812225

          KPMG LLP
          St Nicholas House
          Park Row
          Nottingham
          Nottinghamshire NG1 6FQ
          Phone: 0115 935 3535
          Fax: 0115 935 3500


LAMP LIGHT: Appoints Liquidator
-------------------------------
P. James, director of Lamp Light Fan Limited, informs that the
special resolution to wind up the firm was passed at an EGM held
on Jan. 4 at Visioninc Limited, 34 Clarges Street, London W1J
7EJ.  Neil Chesterton of The MacDonald Partnership Plc, Tower
42, 25 Old Broad Street, London EC2N 1HQ was appointed
liquidator.

CONTACT:  THE MACDONALD PARTNERSHIP PLC
          Tower 42, 25 Old Broad Street,
          London EC2N 1HQ


LEDEN-IMCO LIMITED: Administrators Takes over Firm
--------------------------------------------------
Stephen John Adshead and Antony Robert Fanshawe (IP Nos 008574,
005944) of Fanshawe Lofts were appointed joint administrators of
Leden-Imco Limited (Company No 1290716) on Jan. 10.  Its
registered office is at 4 Cedar Park, Cobham Road, Ferndown
Industrial Estate, Wimbourne, Dorset BH21 7SF.  The company
sells pieces of jewelry and accessories.  

CONTACT:  LEDEN IMCO LTD.
          10a Langley Road,
          Staines, Middlesex TW18 2EH
          Phone: 01784455898

          FANSHAWE LOFTS
          41 Castle Way
          Southampton
          Hampshire SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mail: sa@fanshawe-lofts.co.uk  
                  arf@fanshawe-lofts.co.uk


LONGULF INDUSTRIES: Hires Kroll Limited Administrator
-----------------------------------------------------
Adrian Wolstenholme (IP No 008995), Peter Holder and Gary
Squires (IP Nos 009093, 007856) were appointed administrators of
Longulf Industries Limited (Company No 04366107) on Jan. 6.  The
company manufactures food products.

CONTACT:  LONGULF INDUSTRIES LIMITED
          Prince Albert House, 2 Kingsmill
          Terrace, London, NW8 6AA

          KROLL LIMITED
          134 Edmund Street,
          Birmingham B3 2ES
          Web site: http://www.krollworldwide.com

          KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


MARKS & SPENCER: Belies Rollout Plans for Simply Food Stores
------------------------------------------------------------
Marks & Spencer Group plc has brushed aside reports that it is
rolling out its Simply Food stores to up to 300 BP service
stations.

In October, M&S launched the Simply Food joint venture with the
oil firm, opening in eight forecourts around the United Kingdom.  
BP Retail Director Graham Sims earlier said if the scheme proves
successful, stores could be placed in all BP Connect sites.  
However, both companies have yet to evaluate the partnership for
possible expansion, the Forecourt Trader reported.

Last week, Financial Times said that M&S was understood to be
working on rollout plans after it agreed to acquire 28 stores
from Iceland.  These stores will be refitted and will reopen
under the Simply Food format between June and August this year.
The proposed expansion is rooted on M&S' aim to widen its share
of the food retail market from 3.8% to 5%, equal to GBP1.44
billion worth of additional sales, the paper added.

According to the World Advertising Research Center, while both
BP and M&S kept mum on their partnership, M&S Finance Director
Ian Dyson revealed that the Iceland deal was "about giving us
some acceleration for our food plans."  The retailer's food
products account for half of its GBP7 billion annual sales.

However, the news didn't come as a surprise to Sheila Williams,
spokesperson for BP, who said, "These figures were being bandied
around back in October when the trial launched." She added the
eight pilot sites were doing very well and that research shows
that customers like the format.  The trial, which involves
selling M&S' food products alongside multi-branded impulse
goods, would need to run for at least half a year to determine
its success, said Sue Sadler, corporate press manager for M&S.

M&S has over 400 stores located throughout the U.K., including
its largest store at Marble Arch, London.  In addition, the
company has 150 stores worldwide, including over 130 franchise
businesses, operating in 30 countries.  In 2004, it had turnover
of over GBP8 billion, operating profit of GBP823.9 million, and
almost GBP2 billion in assets.

It has carried out aggressive price cutbacks to offset declining
sales.  The prices of its ladieswear clothing brands have been
reduced by 25%.  In July, the company reported that U.K. Retail
Sales for the 14 weeks to 9 July 2005 were down 3.1% in total,
with General Merchandise down 10.3% and Food up 5%.  Clothing
was down 9.2% and Home down 22.3%.  Like-for-like sales were
down 5.4%, with General Merchandise down 11.2% and Food up 0.7%.

CONTACT:  MARKS & SPENCER GROUP PLC
          Michael House
          47-67 Baker Street
          London
          England
          W1U 8EP
          Phone: +44 20 7935 4422
          Fax: +44 20 7487 2679
          Web site: http://www.marksandspencer.com/


MG ROVER: Ex-DTI Heads Face Probe Over Rover Sale, Collapse
-----------------------------------------------------------
Former Trade and Industry Secretaries Stephen Byers and Patricia
Hewitt are facing inquiries into their roles in the collapse of
MG Rover.

The Commons Trade and Industry Select Committee, led by Peter
Luff, is studying the extent of the government's attempts to try
and save the carmaker.  The committee will look into Ms.
Hewitt's efforts to help rescue MG Rover early last year, and
Mr. Byers' participation during the company's sale by its former
owner BMW in 2000.  

It will also explore the effectiveness of the recovery package
and the Rover task force, and determine "whether the Government
should have done more to save Rover or whether it intervened too
much; and whether there are any wider lessons to be drawn on how
to help big manufacturing companies which get into
difficulties."

A separate DTI probe will examine the way MG Rover was run,
while investigations by the Accountancy Investigation and
Discipline Board and the National Audit Office are ongoing.

The two former DTI secretaries are both expected to appear
before the committee of MPs to give evidence during the hearings
that are set to begin after Easter.  Peter Luff added the
Phoenix Four, who bought MG Rover in 2000 and earned over GBP30
million before it fell into administration, will also be called
to provide further evidence.

He said, "It is difficult to avoid calling all of the principals
involved - the Phoenix Four, Stephen Byers and Patricia Hewitt.  
It will deal with the political judgments made by the
politicians."

Meanwhile, Mr. Byers has welcome the committee's inquiry saying,
"far too many people have been trying to rewrite the history of
what happened at Longbridge."

Headquartered at Longbridge, Birmingham, U.K., MG Rover Group
Limited produced automobiles under the Rover and MG brands,
together with engine maker Powertrain Ltd.  Previously owned by
Phoenix Venture Holdings, the company faced huge losses in
recent years, reaching GBP64.1 million in 2004, which were
blamed on reduced sales.

MG Rover collapsed on April 8 after a tie-up with China's
largest carmaker, Shanghai Automotive Industry Corporation
(SAIC), failed to materialize.  It appointed Ian Powell, Tony
Lomas and Rob Hunt, partners in PricewaterhouseCoopers, as joint
administrators.  The crisis left 6,000 people jobless, and
caused a domino effect on related businesses, particularly in
the West Midlands.  

Days later, eight European subsidiaries -- MG Rover Deutschland
GmbH; MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG
Rover Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal-
Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland
Limited -- also fell into administration.

In July 2005, Nanjing bought the assets of both MG Rover and
Powertrain Ltd. for GBP53 million.  Nanjing has started shipping
equipment from Longbridge to China and was reportedly close to a
deal with SAIC to manufacture the Rover 25 and Powertrain
engines.  It reportedly eyes restarting production at Longbridge
by 2007, creating up to 1,200 jobs in the process.  Keeping two
of the site's final assembly lines, Nanjing also plans to build
100,000 cars annually within five years.

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham
          B31 2TB, United Kingdom
          Phone: +44-121-475-2101
          Fax: +44-121-482-2403
          Web site: http://www1.mg-rover.com

          NANJING AUTOMOBILE (GROUP) CORPORATION
          General Management Division
          Phone: 86-25-3432671
          Fax: 86-25-3111295 3417873
          E-mail: bnj3111037@jlonline.com
          Web site: http://www.nanqi.com.cn


RAMORA LIMITED: Administrators Enter Firm
-----------------------------------------
Ian J. Gould and Edward T. Kerr (IP Nos 7866, 9020) were
appointed administrators of Ramora Limited (Company No 04464505)
on Jan. 5.  The company offers cleaning services.

CONTACT:  PKF
          New Guild House
          45 Great Charles Street
          Queensway
          Birmingham
          West Midlands B3 2LX
          Phone: 0121 212 2222
          Fax: 0121 212 2300
          E-mail: ian.gould@uk.pkf.com  


RECRUITMENT SOLUTIONS: Calls in Administrator
---------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price (IP Nos 8711, 8778) of
Moore Stephens LLP were appointed administrators of Recruitment
Solutions Consultancy Limited (Company No 04912855) on Jan. 3.  

Recruitment Solutions Consultancy works very closely with a
small number of clients and applies tailored recruitment methods
to effectively project-managed program.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


S. H. FOSTER: Wood Manufacturer Hires Administrator
---------------------------------------------------
J. M. Titley and A. Poxon (IP Nos 8617, 8620) of DTE Leonard
Curtis were appointed administrators of S. H. Foster
International Limited (Company No 01354398) on Jan. 10.

S. H. Foster International Limited --
http://www.shfosterintltd.co.uk/-- manufactures wood.

CONTACT:  S. H. FOSTER INTERNATIONAL LIMITED  
          26-27 Melford Court
          Hardwick Grange
          Woolston
          Warrington WA1 4RZ
          United Kingdom       
          Phone: (01925) 828484
          Fax: (01925) 831925

          DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


SMP FABRICATIONS: Names Begbies Traynor Administrator
-----------------------------------------------------
D. R. Acland and Steven Williams (IP Nos 8887, 8894) of Begbies
Traynor were appointed administrators of SMP Fabrications
Limited (Company No 04310233) on Jan. 6.  The company
manufactures iron steel.

CONTACT:  BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


SNACK FACTORY: Calls in Kroll Limited Administrator
---------------------------------------------------
Adrian Wolstenholme (IP No 008995), Peter Holder (IP No 009093)
and Gary Squires (IP No 007856) of Kroll Limited were appointed
administrators of The Snack Factory Limited (Company No
01995490) on Jan. 6.  Its registered office is at Prince Albert
House, 2 Kingsmill Terrace, London NW8 6BN.

The Snack Factory Ltd (SFL) is a subsidiary of Longulf Trading
UK Ltd.  It manufactures crisps and extruded snacks mainly for
retailers' own labels.  In the year ended Dec. 31, 2000, SFL
reported gross profits of GBP5.5 million on turnover of GBP31
million.  The company's gross assets as at that date were GBP20
million.

CONTACT:  THE SNACK FACTORY LTD
          Pennine Place, Skelmersdale,
          Lancashire WN8 9QF
          Phone: 0169550230

          KROLL LIMITED
          134 Edmund Street,
          Birmingham B3 2ES
          Web site: http://www.krollworldwide.com

          KROLL LIMITED
          Wellington Plaza,
          31 Wellington Street,
          Leeds LS1 4DL
          Web site: http://www.krollworldwide.com

          KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


UNITY WESSEX: Hires Grant Thornton Administrator
------------------------------------------------
Richard Hawes and Nigel Morrison (IP Nos 8954, 8938) of Grant
Thornton UK LLP were appointed administrators of Unity Wessex
Limited (Company No 03076413) on Jan. 3.  Its registered office
is at 8 New Lane, Havant, Hampshire PO9 2JH.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


XSPACE (UK): Administrators Move In
-----------------------------------
D. F. Wilson and J. N. R. Pitts (IP Nos 703, 7851) of Wilson
Pitts were appointed administrators of Xspace (UK) Limited
(Company No 05081815) on Dec. 14.  

CONTACT:  XSPACE (UK) LIMITED
          Unit 55 Lidgate Crescent
          Langthwaite Grange Industrial
          Estate, South Kirkby, Wakefield
          West Yorkshire WF9 3NR

          WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Phone: 0113 237 5560
          Fax: 0113 237 5561


                            *********                            


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Liv Arcipe, Julybien Atadero and
Jay Malaga, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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* * * End of Transmission * * *